Warrior Gold Extends Mineralization at the Goodfish-Kirana Property and Intersects 6.7 g/t Au over 7.4 m (within 1.22 g/t Au over 74 m) in a New High-Grade Vein System at A Zone

Warrior Gold Inc. (TSX-V - WAR) (“Warrior Gold” or the “Company”) is pleased to report the successful results of the Company’s July 2020 nine hole diamond drilling program (2,895 m) including seven drill holes at the A Zone (2,448 m) and two drill holes at the C Zone (447 m) on its 100%-owned Goodfish-Kirana Project located in the Kirkland Lake Camp in Ontario (Figure 1, Tables 1 and 2).

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Figure 1. Goodfish-Kirana Property Location with A Zone and C Zone (Graphic: Business Wire)

Program Highlights:

• Mineralization at the A Zone has been extended 50 m to the east, 100 m to west, and 100 m down dip confirming the continuity of the geological structure and the integrity of the geological model. The zone remains open in all directions.
• GK20-028 intersected new high-grade, north-south trending quartz-carbonate veining that returned 6.7 g/t Au over 7.4 m (within 1.22 g/t Au over 74 m, with visible gold (“VG”)); A Zone NS-FW.
• New orientation for the C Zone mineralization confirmed.

Significant Higher-Grade Results:

A Zone:

• GK20-032: 3.69 g/t Au over 2.3 m

A Zone FW (South of A Zone, footwall):

• GK20-026: 8.40 g/t Au over 1.5 m
• GK20-028: 6.78 g/t Au over 3.0 m
• GK20-028: 4.07 g/t Au over 7.0 m (with VG)

A Zone NS-FW (South of A Zone, footwall):

• GK20-028: 1.22 g/t Au over 74 m
• Including 2.65 g/t Au over 22.3 m (with VG)
  • Including 6.70 g/t Au over 7.4 m
• and 3.88 g/t Au over 5.2 m

C Zone:

• GK20-033: 3.41 g/t Au over 2.0 m
• GK20-033: 3.93 g/t Au over 3.0 m

Danièle Spethmann, President and CEO commented:

“We are excited with the results of our summer drilling campaign which intersected anomalous and high-grade gold in eight of nine drill holes, including one of the highest-grade intervals drilled by Warrior Gold to date -- 2.65 g/t Au over 22.3 m, including 6.70 g/t Au over 7.4 m within 1.22 g/t Au over 74 m. The A Zone was extended laterally over a total strike length of 350 m and to a depth of 325 m, which is still relatively shallow for gold deposits in the Abitibi Greenstone Belt. Additionally, Warrior Gold’s discovery of a new gold-bearing vein system in the A Zone footwall, suggests that the potential for intersecting similar gold zones exist at depth and in other areas of the property.

Although early in our exploration process, approximately ninety percent of the drill holes have intersected significant and anomalous gold results. We look forward to expanding on our successes and identifying additional promising targets on the property.”

Table 1. Significant Assay Intercepts from the 2020 Drilling Program

• Intervals are presented in core length and not true width.
• Assays as presented have not been capped.
• Abbreviations: FW = footwall, *VG = visible gold.

Table 2. Drill Hole Collar Data

A Zone

The A Zone consists of vein-hosted gold mineralization in a shear zone that strikes 300° and dips steeply to the northeast. The shear zone varies from 1 m to 20 m in width and is spatially associated with the contact between Mg-tholeiitic mafic volcanic rocks to the south and a Fe-tholeiitic mafic volcanic rocks to the north. This shear zone has been intersected to a vertical depth of 325 m below surface and has a drill-defined strike length of approximately 350 m. The zone is characterized by moderate to strong deformation textures and structures with pervasive sericite ± carbonate ± silica alteration (Figures 2 and 3).

GK20-026 and GK20-027 were drilled to test the A Zone 50 m and 100 m down dip. GK20-026 intersected 1.2 g/t Au over 1.0 m and GK20-027 intersected 0.57 g/t Au over 7.5 m (incl. two intervals of 1.1 g/t Au over 1.5 m). The typical A Zone-style alteration, veining and shearing were intersected in both these drill holes thus confirming the continuity of the favourable gold-bearing structure to a depth of 325 m.

Drill holes GK20-028 and GK20-029 were 50 m step-outs to the west at 175 m and 225 m below surface. Both holes intersected elevated gold values in the A Zone of 3.76 g/t Au over 1.0 m (GK20-028) and 1.52 g/t Au over 2.0 m (GK20-029). These drill holes confirm the continuation of the gold mineralization towards the west and the area remains open for further exploration.

GK20-030 and GK20-031 were drilled to test the near surface potential of the A Zone at 75 m to 100 m depth. Although GK20-030 did intersect favourable alteration and structure, there were no significant gold grades. GK20-031 also intersected the typical A Zone style alteration and structure with 0.62 g/t Au over 1.5 m.

GK20-032 was a 100 m step-out towards the east and successfully intersected high-grade gold (3.69 g/t Au over 2.3 m) at about 170 m below surface. This hole has extended the A Zone mineralization 100 m to the east and the zone remains open at depth.

A FW (South of A Zone, Footwall)

The 2019 drilling program identified gold mineralization in the area of the footwall (south of A Zone) that Warrior Gold interprets as brittle-ductile fault zones, oblique to subparallel to the main A Zone structure and associated with sericite ± carbonate ± silica alteration. Additional intersections of this style of mineralization were found in GK20-028 (6.78 g/t Au over 3.0 m and 4.07 g/t Au over 7.0 m) (Map 3), GK20-026 (8.40 g/t Au over 1.5 m) and GK20-031 (0.56 g/t Au over 1.35 m).

A NS-FW (South of A Zone, Footwall)

A newly recognized high-grade, gold-bearing vein system was intersected in the A Zone footwall in GK20-028; northerly-striking and steeply dipping. It consists of a series of stacked quartz-carbonate extension-style veins hosting visible gold. The whole intersection ran 1.22 g/t Au over 74 m and includes four gold-rich sub-intersections: 2.65 g/t Au over 22.0 m (incl. 6.70 g/t Au over 7.4 m); 1.43 g/t Au over 1.8 m; 0.58 g/t Au over 6.1 m and 3.88 g/t Au over 5.2 m. The veining was intersected at an oblique angle so additional drilling is planned to test continuity and the intersection with the main A Zone structure (Figure 4).

C Zone

In the 2020 July drilling program, Warrior Gold tested the orientation of the mineralization to determine if it was trending in the same orientation as the A Zone (northwesterly), by drilling perpendicular to the historical holes. Drilling confirmed the new interpretation with both GK20-033 and GK20-034 intersecting NW trending mineralized zones with quartz-carbonate veining, disseminated pyrite, sericite ± carbonate ± silica alteration and brecciation/shearing textures. GK20-033 intersected 3.41 g/t Au over 2.0 m and 3.93 g/t Au over 3.0 m and GK20-034 intersected 0.76 g/t Au over 3.0 m and 0.41 g/t Au over 1.15 m. Further drilling with the same orientation will continue to better define the gold mineralization at the C Zone (Figure 5).

Susan Lomas, P. Geo. and Technical Advisor commented, “Warrior Gold’s team has had significant success intersecting high-grade and anomalous gold mineralization in their drilling and prospecting work to date. The north-south trending quartz veining intersected in GK20-028 is an exciting find and we are very encouraged by this new discovery. In addition, the orientation of the C Zone was re-interpreted to be trending parallel to the A Zone and the 2020 drill holes appear to support that concept. Future drilling will continue to test the continuity of the mineralization and structures in both of these zones and at other prospects on the property, along strike and at depth.”

Drilling Contract, Analytical Protocol and QA/QC

The July 2020 drilling program was undertaken by SMP Drilling based in Rouyn, Quebec. The drill hole diameter is NQ. Drilling took place from June 30 to July 31, 2020.

Program design, management, supervision and Quality Control/Quality Assurance (QA/QC) were conducted by Warrior Gold’s exploration group under the direction of Melissa Render, P.Geo., Principal Consulting Geologist. Dan Johannsson (GIT) managed all aspects of the core logging which included: core orientation, photography, geology, structural measurements, magnetic susceptibility, core recovery and the insertion of standards and blanks. Standards were obtained from Analytical Solutions Ltd. and the QA/QC results were reviewed by Susan Lomas P.Geo., Lions Gate Geological Consulting Inc. (LGGC) who also provided technical support for this disclosure.

Drill core samples were cut by diamond saw at the Toburn Core Cutting facilities adjacent to the Warrior Gold core logging facilities in the Town of Kirkland Lake and at CXS Exploration Services in Larder Lake. Field duplicate samples, blank rock samples and certified reference materials were inserted into the sample sequence at a frequency of one per 20 samples. A halved core sample was left in the core box with the other half core sampled and either transported by Warrior Gold’s personnel in securely sealed bags or picked up by ALS to be prepared at ALS Limited’s sample laboratory in Timmins, Ontario. After sample preparation, samples were shipped to ALS's Vancouver facility for gold by Fire Assay (30 gm subsample) with atomic absorption (AA) finish and gravimetric finish for samples greater than 3.0 g/t Au. Every third sample down a drill hole was selected for multi-element ICP analysis. ALS is a certified and accredited laboratory service. ALS routinely inserts certified gold reference materials, blanks and pulp duplicates, and results of all QC samples are reported. A Screen Analysis study was initiated during this drill program and will be ongoing through future drilling. The purpose of the study is to determine how gold is distributed in the system and whether there is a coarse gold component. Thus far 68 samples have been assayed using screen analysis and about 40 more samples are being selected for resubmission for screen analysis method.

The technical information contained in this news release has been approved by Tom Neelands, P.Geo., the Chief Geologist for Warrior Gold, who is a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Warrior Gold Inc.

Warrior Gold is a TSX Venture Exchange-listed Company that owns the Goodfish-Kirana Property located five km from the Town of Kirkland Lake, Ontario. The Property is located in the historic Kirkland Lake Gold Camp situated in the prolific Abitibi Greenstone Belt, which is recognized as one of the world’s highest grade greenstone belts with over 200 million ounces of gold produced to date.

The Goodfish-Kirana Property is 11.5 km long by roughly three km wide (34 km²) and contains three major structural trends: the east-west trending Kirana Deformation Zone; the northeast-trending Goodfish Deformation Zone; and the Victoria Creek Deformation Zone. The Property contains numerous historical gold showings, as well as 18 historical pits and shafts.

Related Link: warriorgoldinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", “anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by the Company. Although Warrior Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Warrior Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Company’s Management Discussion and Analysis of the financial condition and results of operations for the year ended March 31, 2020 and the first quarter ended June 30, 2020, which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Warrior Gold undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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